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RIYADH: Sovereign investors across the Middle East and North Africa are on track to lift their combined assets to around $8.8 trillion by 2030, a jump of more than 57 percent in five years. 

According to the latest Global SWF report, MENA state-owned investors deployed $56.3 billion across 97 deals in the first nine months of 2025, with the US emerging as the top destination. 

Inbound sovereign flows into the region, however, remained limited. 

The surge comes as Gulf funds intensify efforts to diversify beyond oil. 

“The MENA region continues its transition to a sustainable, diversified, and resilient model. While oil and gas still play a central role — particularly in the Gulf — diversification is gaining ground,” Global SWF said. 

It added: “Countries are increasingly investing in emerging sectors such as renewable energy, digital technology, artificial intelligence and tourism, seeking to position themselves as regional innovation hubs and global economic players.”

According to the report, the most active investors were the “Oil Five”: Mubadala with $17.4 billion, Abu Dhabi Investment Authority with $9.6 billion, Qatar Investment Authority with $7.6 billion, the Saudi Public Investment Fund with $6.2 billion, and Abu Dhabi Developmental Holding Co., or ADQ, with $4.8 billion. 

Beyond the league tables, the report pointed to three broad themes shaping flows. First, Gulf funds remain the global engine of state-owned investment, accounting for about 40 percent of sovereign investor deals year-to-date, despite lower oil prices. 

Second, North America continued to attract the largest ticket sizes, particularly in technology, infrastructure, and real assets. 

Third, inbound flows to MENA remained comparatively modest, suggesting scope for more co-investment and on-shoring of capital as regional projects scale. 

Global SWF, a research firm monitoring sovereign wealth and public pensions, covers state-owned investors — including central banks, and pension schemes — offering data, analysis, and insights on their capital flows, strategies, and governance. 

The post-pandemic upswing in hydrocarbon receipts, asset transfers from governments to funds, and deepening capital-market access have all expanded the firepower of Gulf sovereign investors. 

Many funds have also formalized domestic development mandates, allocating more capital to in-country projects that crowd in private investment while maintaining significant international portfolios for returns, hedging and strategic partnerships. 

Global SWF’s outlook to $8.8 trillion by 2030 reflects this dual track: building at home while investing abroad, with the Gulf as the region’s growth driver. 

PIF illustrates the model: as an enabler of national projects, the fund channels capital, sets standards, and de-risks early-stage ventures so private investors can follow.

As a global investor, it secures partnerships and technologies that feed back into the domestic economy, consistent with its 2030 ambition and mandate. 

PIF’s domestic footprint spans giga-projects such as Neom, the Red Sea, Qiddiya, Diriyah, ROSHN, Soudah and New Murabba, as well as platforms in gaming and esports, tourism, transport, and renewables.

PIF spotlight 

����ֱ��’s sovereign wealth fund sits at the heart of the Kingdom’s Vision 2030 transformation, tasked with deploying capital both at home, into giga-projects and new industries, and abroad, into strategic stakes that can transfer know-how and supply chains back to the Kingdom. 

Global SWF’s profile of PIF notes its ambition to become one of the world’s largest sovereign investors, with a long-stated goal of reaching around $2 trillion in assets. Recent upgrades and affirmations from rating agencies have reinforced its capacity to raise and deploy capital at scale. 

On the funding side, PIF has diversified well beyond government transfers. It has tapped international debt markets through sukuk and bond programs and maintains multiple channels for capital raising. In February 2024, PIF priced a $2 billion international sukuk that was eight times oversubscribed, part of an ongoing program to broaden its investor base. 

The fund also completed its inaugural international sukuk in 2023, and subsequent communications emphasize four main funding sources: retained earnings, asset monetization/transfer, bank and capital-market debt, and government capital. 

Credit quality has strengthened in parallel with ����ֱ��’s sovereign standing. Moody’s upgraded the Kingdom to Aa3 in late 2024 and later raised PIF’s rating to Aa3 as well, while Fitch has affirmed PIF at A+ with a stable outlook — actions that reduce borrowing costs and support the fund’s global issuance plans. 

Ratings agencies tie PIF’s credit to the sovereign’s strength and to the fund’s strategic importance and extraordinary support assessment as a government-related entity. 

Moody’s cited alignment with the state’s rating trajectory and robust credit links, while Fitch equalized PIF’s rating with the sovereign under its government-related entity criteria. These views, combined with the fund’s demonstrated market access, including multiple oversubscribed international sukuk, suggest ample capacity to fund its pipeline.

RIYADH: Consumer spending in ����ֱ�� accelerated last week, with point-of-sale transactions rising 3 percent to SR12.77 billion ($3.40 billion), driven by higher spending across most sectors, official data showed. 

According to figures from the Saudi Central Bank, also known as SAMA, the number of transactions edged up 1.7 percent to 221.43 million in the week ending Sept. 27. 

The sustained momentum highlights consumer confidence and the Kingdom’s ongoing digital payments transformation under Vision 2030 initiatives. 

Spending on recreation — the fastest-growing subsector — surged 16 percent during the week to SR255.27 million, with 2.77 million transactions, boosted by anticipation of Riyadh Season, the Kingdom’s flagship entertainment festival set to begin later this month. 

Telecommunication spending came second, rising 12 percent to SR155.73 million. Personal care rose by 10.3 percent to SR114.01 million, while the number of transactions increased by 7.2 percent to 2.37 million. 

Expenditure on apparel and clothing rose 7.9 percent to SR951.08 million, with transaction volumes climbing 9.5 percent to 8.63 million. 

On the downside, education posted the steepest drop, falling 34.3 percent to SR113.43 million. Freight transport, postal and courier services also declined, down 11.2 percent to SR28.23 million. 

Food and beverages — the sector with the biggest share of total POS value — recorded a 2.3 percent increase to SR1.85 billion, while the restaurants and cafes sector saw a 9.7 percent increase, totaling SR1.59 billion and claiming the second-biggest share of this week’s POS. 

Notably, spending in gas stations claimed the third biggest share at SR948.56 million despite a 0.7 percent decline. 

The top three categories accounted for approximately 34.37 percent of the week’s total spending, amounting to SR4.39 billion. 

Furniture and home supplies saw an 11.9 percent increase to SR682.05 million, expenditure on laundry services rose 2.5 percent to SR44.56 million. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.55 billion, a 1.5 percent increase from the previous week.  

Jeddah followed closely with a 1.9 percent rise to SR1.80 billion, while Dammam ranked third, up just 0.8 percent to SR640.83 million.